Most Popular Lending Content
Commercial loan imaging
06/25/2023
What is commercial loan imaging?
OK to collect extra cushion in escrow, “just in case” for anticipated tax increases?
06/25/2023
A construction mortgage lender is insisting that for escrowing, it is OK in the first year to estimate property taxes and collect more because regulators would rather we give a check back to a customer at the end of the first year, than to have sticker shock at year 2 when higher taxes kick in. Is she right?
Fixing HELOC Disclosed Rate Error
06/18/2023
We have a home equity application disclosure that has a lower Annual Percentage Rate stated than it should be. The disclosures shows in error 4.0% in the minimum payment requirements paragraph where it should be 8.25%. Is this something that we can fix or is this a rate we must now live with?
Correcting ARM Loan Adjustments
06/18/2023
We recently discovered that we have a few ARM loans that were set up on our system incorrectly. The payment was not set to change when the rate changed. As a result, we have basically extended the amortization on these loans by not increasing the payment along with the corresponding rate increase. How would you suggest we rectify this error?
Can we get rid of escrow cushions?
06/18/2023
Management is thinking about reducing the escrow cushion on mortgage loans, as a short-term way to lower mortgage payments in this rising rate environment. Can we do that?